From Home Furnishing Business
Ethan Allen Sales Increase 10 Percent in Fiscal Q3
Consolidated net sales of $190.6 million increased 10 percent. Gross margin of 55.5 percent is up from 54.3 percent.
“The operating leverage of our vertically integrated structure resulted in our adjusted operating earnings increasing 55 percent,” said Farooq Kathwari, chairman and CEO of Ethan Allen. “Adjusted earnings per share increased by 88.9 percent, which was also benefited by lower interest expense. We are making very good progress with repositioning our product offerings, our interior design network, making technology enhancements and improvements in our manufacturing, sourcing and logistics. We remain cautiously optimistic.”
Fiscal year-to-date consolidated net sales were $588.5 million, up 4.9 percent from $561 million during the same period in the prior year. Gross margin, operating profit margin and adjusted operating profit margin were 55.5, 10.8 and 10.5 percent, respectively, in fiscal 2016 and 54.4, 8.4 and 9 percent during the same period in fiscal 2015.